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Invited Article
What can Be Learned from the 2022 Nobel Prize in Economics to Mitigate Banking and Financial System Risks
Cheng Bing
2022, 34 (10):  3-8. 
Abstract ( 50 )   PDF (1436KB) ( 31 )  
The research about bank run, bank regulation and financial systematic risks from the 2022 Nobel Prizers are very important. In this paper, we introduce their original work in these areas since the 1980s, and their applications and guidance to bank regulations, financial systematic risk controls. In the final part, we raise several important questions regarding how to apply their theories to the Chinese bank regulations and financial risk control.
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Economic and Financial Management
Monetary Market Funds Valuation and Performance Inflation Behavior at Quarter-end
Yang Zhen, Liu Hailong, Wu Wenfeng
2022, 34 (10):  9-23. 
Abstract ( 31 )   PDF (1675KB) ( 20 )  
Monetary market funds can attract capital inflow from investors due to their low risk, good liquidity and ability to generate significant returns in short term, thus serving as an important tool for fund companies to increase their scale at quarter-end. This paper uses returns and holdings data of China’s monetary market funds from 2006 to 2018 as its sample to examine the funds’ quarter-end performance inflation behavior. The paper finds that the annualized rate of return of monetary market funds in the last two weeks of a year increases by 32.21 basis points, compared with other dates. The performance inflation is thereby significant. Monetary market funds are evaluated using the amortized cost method, where the investment gains or losses are not realized until assets disposal. Using short-term commercial paper’s issuance and trading data, the paper finds that for monetary market funds with large positions, the trading activeness of commercial paper is significantly higher at quarter-end than on other dates. Therefore, the performance inflation behavior affects the activeness of short-term commercial papers.
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A Research into Individual Cognition, Group Consensus and Crowd-investing Performance Based on the Computational Experiment Method
Liu Zhengchi, Zhou Sha
2022, 34 (10):  24-36. 
Abstract ( 29 )   PDF (2155KB) ( 16 )  
From the investors’ perspective, crowdfunding is fundamentally about selecting ideas by aggregating individual judgments into a group decision under uncertainty. Compared with traditional investment activities, crowd-based investment is characterized by being grass-rooted, democratic and diversified. Based on these characteristics, this paper further divides the crowdfunders’ decision-making process into three stages: independent decision-making, belief aggregation and consensus emergence. A computational experimental method is introduced to simulate the crowdfunding practices. The results show that the cognition heterogeneity of investors and the formation mechanism of group consensus are the key factors determining the performance of crowd-investing. Specifically speaking, (1) the group diversity can act as alternative to ability. When the number of crowdfunders is large, group diversity is even more important than ability. (2) The financing threshold is conducive to narrowing down the choices and screening the good projects, and the higher the financing threshold (i.e. the consensus level), the better the screening effect. Therefore, from the perspective of investors, AON is always better than KIA. (3) Increasing difficulty of assessment may weaken the effect of cognition heterogeneity.
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Does Performance Aspiration Gap Affect Stock Price Crash Risk?
Su Kun
2022, 34 (10):  37-51. 
Abstract ( 23 )   PDF (1393KB) ( 21 )  
Using a corporate-level dataset of Chinese listed companies over the period of 2005-2016, this paper studies the effect of performance aspiration gap on stock price crash risk and the moderate effect of marketization and political connection. The results show that: when the actual performance is below aspiration level, the aspiration gap will prompt managers to take risky behaviors and information manipulation behaviors, which will increase the stock price crash risk. In the two types of risky behaviors, the effect of aspiration gap on stock price crash through illegal risky behaviors is greater. The impact of aspiration loss on stock price crash risk is affected by the degree of marketization and political connection. Marketization and political connection negatively moderate the association between aspiration loss and stock price crash risk. When the actual performance is above aspiration level, managers are not motivated to adopt or evade the risk-taking behaviors. The aspiration surplus has no significant impact on stock price crash risk.
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Implied Bond Default Rate and Stock Price Downside Risk——Evidence from China’s Capital Market
Yang Lihua, Zhu Hongbing, Xu Changxin
2022, 34 (10):  52-66. 
Abstract ( 27 )   PDF (1299KB) ( 11 )  
Under the parallel financing structure of equity and debt, the debt payment of listed companies has a direct impact on the stock prices. Taking the A-share listed companies that issued credit bonds from January 2002 to December 2018 as samples, this paper systematically studies the impact of implied bond default risk on the downside risk of stock prices. The results show that implied bond default rate index has a significant positive impact on the downside risk of stock price, and the higher the implied default rate of bond is, the greater the downside risk of stock price is. Moreover, the external macroeconomic environment represented by the correlation of the stock and bond market, and the uncertainty of economic policy will further strengthen the positive impact of implied default rate on the downside risk of stock price. The stronger the dynamic correlation and the uncertainty of economic policy are, the greater the impact of implied default rate on the downside risk of stock price is. This paper also finds that the effect of implied default rate on the downside risk of stock price is realized by affecting investor sentiment. The average influence proportion of sentiment is up to 25.84%. This paper reveals that bond default will lead to cross-market risk diffusion, which plays a warning role in risk prevention in the construction of multilevel capital market. It also provides an explicit signal for equity market investors to predict the downside risk of stock price.
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Media Coverage and Earnings Management of Commercial Banks
Zhang Zhiwei, Zhang Dayong, Ji Qiang, Sun Xiaolei
2022, 34 (10):  67-78. 
Abstract ( 32 )   PDF (1316KB) ( 13 )  
From the perspective of loan loss provision, this study examines the impact of media coverage on earnings management of commercial banks in China. The results show that the higher the degree of media coverage, the lower the degree of earnings management of commercial banks. The empirical results prove that media coverage can play an “effective supervisory” role. At the same time, it is also found that policy-oriented media has a greater impact on the earnings management of commercial banks than market-oriented media. In addition, the impact of media reports on the earnings management of commercial banks is more prominent among non-state-owned banks and non-listed banks. This shows that media reports influence commercial banks’ earnings management through two ways: public governance and information dissemination. This research has important practical guiding significance for the regulatory authorities to formulate policies and promote the improvement of commercial banks’ earnings quality.
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Does Population Aging Bring Opportunities or Resistance to the Transformation and Upgrading of Industrial Structure? An Analysis Based on the Two-dimensional Mechanism of Supply and Demand
Wang Xinliang, Du Zhuangzhuang, Liu Fei
2022, 34 (10):  79-91. 
Abstract ( 218 )   PDF (1343KB) ( 36 )  
Given the national goal of high-quality economic development and the problem of population aging, this paper analyzes the theoretical mechanism of how population aging influences the transformation and upgrading of industrial structure through labor supply and consumption demand from three dimensions: industrial upgrading, coordination and transformation, and builds a dynamic panel mode based on provincial panel data from 1997 to 2018. The following conclusions are drawn through SYS-GMM estimation method: (1) Population aging brings both opportunities and resistance to the transformation and upgrading of industrial structure as it can promote industrial upgrading and force industrial transformation on the one hand but hinders industrial coordination on the other hand. (2) Seen from the labor supply path, population aging will bring about “opportunities” for the transformation and upgrading of the industrial structure by forcing the improvement of the quality of labor supply, but the resultant reduction of labor supply will retard industrial coordination to the detriment of industrial structure transformation and upgrading. (3) Seen from the path of consumption demand, change of total consumption demand will amplify the retardant effect of population aging on industrial coordination, but enhances its role in promoting industrial upgrading and transformation. At the same time, population aging can turn “resistance” into “opportunities” and fully promote the transformation and upgrading of industrial structure so long as consumption demands are driven to a high level.
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Knowledge Structure and Review of Cross-border Merger and Acquisition Researches
Wu Xiaojie, Zhong Wenyu, Tan Xiaoxia, Wang Xiuqiong
2022, 34 (10):  92-107. 
Abstract ( 23 )   PDF (4069KB) ( 14 )  
Cross-border merger ( M&A) and acquisition has become one of the most active areas of current international business research in the last two decades. There are so many researches on this topic that it is necessary to conduct a systematic review of them to better understand the knowledge structure of the field and to provide new directions for future researches. We analyze 1287 papers published in 2000-2018 to explore the current state of researches on cross-border M&As by using bibliometric analysis and main path analysis, and analyze the content of 56 highly co-cited papers to explore the knowledge structure in this field. Based on this, we identify and summarize seven fundamental knowledge modules, including influencing factors and motivations, theoretical foundations, M&A process, M&A outcomes, contextual factors and characteristics of cross-border M&A in emerging economies, strategic decision making, and integration and management, which construct a 2W1H knowledge framework for cross-border M&As. Finally, based on literature review, we summarize the existing research deficiencies based on the 2W1H level of analysis and propose future research directions to provide reference for future agenda.
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Technology and Innovation Management
Hot Spot and Evolution Path of Female Entrepreneurs’ Gender Stereotypes: Research Based on Mapping Knowledge Domain
Xie Xuemei, Yu Ping
2022, 34 (10):  108-121. 
Abstract ( 33 )   PDF (5039KB) ( 21 )  
Based on 236 papers about gender stereotypes of female entrepreneurs in the web of science core collection database, CiteSpace software and Gephi software are used to visualize the national distribution, institutional distribution, journal distribution, core authors group of the papers in this research field, co-cited authors and co-cited references, as well as the research hot spots and evolution path of this field. The results are as follows: first, researches on female entrepreneurs’ gender stereotypes are mainly conducted in American and British universities, and the cooperation of research institutions is relatively loose on the whole, with many small local research teams but without any core group of influential authors; second, the literature on gender stereotypes of female entrepreneurs has become an important research content in the field of management; and third, the research field mainly includes four hot spots: comparative research on the differences of entrepreneurs based on gender stereotypes, research on gender discrimination in female financing environment based on gender stereotypes, research on the influence of gender stereotypes on women’ s entrepreneurial intentions and models, and research on the path to overcome gender stereotypes; finally, researches in this field started in 1997, and since 2009, the number of research papers has increased significantly. The evolution of research themes presents a development process: from theoretical research to practical research. In the future, researchers should increase the comparative analysis of women entrepreneurs in different countries and industries, and explore deeply the ways to overcome gender stereotypes and promote the success of women entrepreneurs.
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Policy Simulation Modeling Environmental Regulation and Green Credit in Enterprise’s Green Innovation in Technology: An Evolutionary Game Analysis of Government Intervention
Bian Chen, Chu Zhaopeng, Sun Zhenglin
2022, 34 (10):  122-133. 
Abstract ( 42 )   PDF (1391KB) ( 32 )  
Enterprise green technology innovation (EGTI) is important for winning the battle of pollution prevention and control and promoting high-quality economic development in China’ new era. However, the externalities of green technology innovation often lead to the lack of intrinsic motivation of enterprises. This paper aims to explore the mechanism of how extrinsic incentives under government intervention could stimulate a synergistic effect between environmental regulation policy and green credit policy. For this purpose, a model of non-cooperative evolutionary game among the government, banks and enterprises is constructed to analyze how well government intervention could realize an evolutionary game equilibrium. Model simulations indicate that in order to ensure the effectiveness of policy synergy to promote EGTI, government intervention must take the motives and interests of both enterprises and banks into account. Specifically, the government should implement market-incentive environmental regulation policies that offer R&D subsidies in advance plus environmental tax reduction, and banks should implement green credit policies that allow early release of loans, conditional on strict post-loan management. A general finding is that there would be policy conflict between environmental regulation and green credit during the dynamic evolution process of promoting EGTI. However, the improvement of banks’ supervision efficiency and innovation performance of enterprise can mitigate and resolve the policy conflict. In this way, the policy goal of enhancing green technology innovation under the regulation and control of the government will be better achieved. This paper provides some policy suggestions on the government-led formation of an extrinsic incentive mechanism to promote EGTI.
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Mechanism of How Decision-making Logic Influences the Performance of New Ventures: The Mediating Role of Business Model Innovation
Yang Xue, He Yucheng
2022, 34 (10):  134-145. 
Abstract ( 32 )   PDF (1422KB) ( 20 )  
The growth mechanism of new ventures has always been a hot issue in academia. Based on the theory of business model innovation, this paper discusses the mechanism of how decision-making logic influences the performance of new ventures, and constructs a theoretical model. 251 new ventures’ data are used to test the theoretical model. The results show that the two kinds of decision-making logics, i.e., causation and effectuation, positively influence the performance of new ventures through the mediating role of business model innovation; the intensity of competition moderates the influence of decision-making logic on business model innovation. In the high competition intensity situation, the positive impact of causation and the affordable loss principle and flexible principle of effectuation on the business model innovation will be enhanced, but the positive impact of experimentation principle and pre-commitment principle on business model innovation will be weakened.
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Negative Attainment Discrepancy, Routines Replication and Iterative Innovation: The Moderating Effects of Organizational Improvisation
Wei Long, Dang Xinghua
2022, 34 (10):  146-157. 
Abstract ( 29 )   PDF (1312KB) ( 10 )  
In order to uncover the microcosmic mechanism of iterative innovation, this paper analyzes the negative attainment discrepancy and effect on iterative innovation from the perspective of competitive aspiration, and further examines the mediating effect of routines replication and the moderating effect of organizational improvisation. Then an empirical test is made with survey data of high-tech enterprises in China. The results show that: the negative attainment discrepancy can be divided into dimensions of duration and scope, and the duration of negative attainment discrepancy and the scope of negative attainment discrepancy have significant positive effect on iterative innovation. Conventional routines replication has meditative effects between the duration of negative attainment discrepancy and iterative innovation. Flexible routines replication has meditative effects between the scope of negative attainment discrepancy and iterative innovation. The organizational improvisation positively moderates the effect between conventional routines replication and iterative innovation, but has no significant effect between flexible routines replication and iterative innovation. Organizational improvisation enhances the meditative effect of conventional routines replication. There exist moderated mediation effects, but organizational improvisation cannot enhance flexible routines replication’ meditative effects. This research has important practical implications for organizations to grasp the technological window of opportunity so as to realize the transition of innovation from catch-up to leading.
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Network Density, Attention Allocation of TM and Manufacturing Firms’ Service Innovation: The Moderating Effect of Knowledge Base
Yu Fei, Yuan Shengjun, Hu Zemin, Zhou Xuelin
2022, 34 (10):  158-169. 
Abstract ( 23 )   PDF (2059KB) ( 9 )  
This paper, by a questionnaire survey of 282 manufacturing firms and a multiple regression analysis, studies the impact of interaction effect of inter-organizational network density and attention allocation of TM (top managers) on firms’ service innovation, and the moderating effect of knowledge base on the relationship between them based on attention-based view, social network theory and knowledge management theory. Our findings reveal that in high-density inter-organizational networks, the focused attention of TM has a stronger positive effect on firms’ service innovation than what the divided attention of TM does, while in low-density inter-organizational networks, the divided attention of TM has a stronger positive effect on firms’ service innovation than what the focused attention of TM does. Firms’ diversified knowledge base enhances the interaction effect of high-density inter-organizational networks and the focused attention of TM on firms’ service innovation. Firms’ specialized knowledge base enhances the interaction effect of low-density interorganizational networks and the divided attention of TM on firms’ service innovation. The above results can reveal the optimal internal and external knowledge allocation, attention allocation of TM and network configuration about firms’ service innovation, and provide a theoretical reference for improving the effect of firms’ service innovation.
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Organizational Behavior and Human Resource Management
The Impact of Voicer’s Emotion and Voice Type on Superiors’ Attitude and the Mechanism of How the Impact Works
Zhou Hao, Sheng Xinyi, Qin Chunhua
2022, 34 (10):  170-179. 
Abstract ( 45 )   PDF (1257KB) ( 20 )  
Employees’ any suggestion to their superiors can not bear fruit unless it is adopted. Based on the theory of emotions as social information, we analyze the influence of voicer’s emotion and voice type on superiors’ attitude and the internal mechanism of how the influence works. 133 managers are invited to participate in our scenario-based experiment. A 2 (positive emotion / negative emotion)×2 (promotive voice / prohibitive voice) between-subject design is employed. The results show that the main effect of voicer’ s emotion is significant and more suggestions voiced with a positive emotion are taken; the main effect of voice type is significant and more promotive voices are taken; the interactive effect between voicer’s emotion and voice type is significant; loyalty mediates the impacts that voicer’s emotion, voice type and the interactive effect between them have on superiors’ attitude. The theoretical contributions and empirical implications of this study are discussed finally.
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Can Workplace Gossip Lead to Employee Innovation? The Role of Thriving at Work and Feeling Trusted by Supervisors
Qu Rujie, Zhu Boqi, Liu Ye
2022, 34 (10):  180-190. 
Abstract ( 44 )   PDF (1338KB) ( 27 )  
Workplace gossips widely exist in organizations. Unlike the existing researches that focus mainly on negative workplace gossips without regard tos the positive positive role of possitive workplace gossips, this study uses the conservation of resources theory and the broaden-and-build theory of positive emotions to examine the mechanism of how negative and positive workplace gossips influence employees’ innovative behavior as well as the relevant boundary conditions. Through a two-wave research design, we obtain a valid sample of 241 employee-supervisor dyads from a state-owned commercial bank. The results show that: (1) Negative workplace gossips negatively influence employees’ innovative behavior by reducing thriving at work, while positive workplace gossips positively influence employees’ innovative behavior by enhancing thriving at work. (2) Feeling trusted by supervisors moderates the negative effect of negative workplace gossips on thriving at work. When employees feel lower trust from supervisors, the negative effect of negative workplace gossip on thriving at work will be stronger. Feeling trusted by supervisors moderates the positive effect of positive workplace gossip on thriving at work. When employees feel lower trust from supervisors, the positive effect of positive workplace gossip on thriving at work will be stronger. (3) Feeling trusted by supervisors further moderates the indirect effect of negative workplace gossip on employee innovative behavior via thriving at work, when employees feel lower trust from supervisors, the negative effect of negative workplace gossip on employee innovative behavior via thriving at work is relatively strong. Feeling trusted by supervisors further moderates the indirect effect of positive workplace gossip on employee innovative behavior via thriving at work, when employees feel lower trust from supervisors, the positive effect of positive workplace gossip on employee innovative behavior via thriving at work is relatively strong.
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Research on Satisfaction and Employment Plan Design Oriented to Differences in Labor Time Preference
Li Juan, Li Lintao
2022, 34 (10):  191-200. 
Abstract ( 19 )   PDF (3856KB) ( 5 )  
In Guangdong-Hong Kong-Macao Greater Bay Area (GBA), labor-intensive enterprises, such as moving companies, are currently facing the historical stage of the labor market’s transition from the old to the new. The emerging young labor force has significantly different satisfaction functions of working hours and income from the previous generation of the labor force. Based on this background, this paper intends to explore how to make factories obtain high profits while ensuring workers’ job satisfaction at a high level. Considering the different characteristics of income-preferred workers and comfort-preferred workers, we combine operations research and the design of utility function that consists of workers’ overtime dissatisfaction and overtime tolerance, to evaluate workers’ job satisfaction quantitatively and formulate a factory employment model. Then we study the relationship between the task volume, employment plans of the factory, workers’ job satisfaction and factory revenues in different scenarios. Simulation results show that if the factory has a high variance of the task volume, the proportion of comfort-preferred workers in the employment plan should be increased, and if there is a high variance in the time of finishing one task, the proportion of income-preferred workers in the employment plan should be increased. The research in this paper has great significance of advancing labors’ employment, maintaining the regional stability and absorbing more enterprises and talents for GBA.
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Organization and Strategic Management
Determination of Critical Chain Activity Monitoring Cycle Based on State Transition Prediction
Zhang Junguang, Zhang Xu
2022, 34 (10):  201-208. 
Abstract ( 17 )   PDF (2787KB) ( 7 )  
Given the fact that real-time monitoring of a project being implemented is impossible for managers, we propose a periodical project buffer monitoring method. The new method fully considers the shortage of setting warning threshold for real-time buffer monitoring, and proposes the concept of monitoring cycle in the field of buffer monitoring. The proposed method predicts the probability of active state and transition based on Markov chain, then takes reasonable emergency measures according to the activity state transition situation, and determines the optimal monitoring period with the lowest total activity cost and the shortest activity duration as the optimization objective. The Monte Carlo simulation experiment is eventually carried out to validate the model system. The results show that, as opposed to the classic buffer monitoring methods, the proposed method can effectively improve the robustness of a project in response to emergencies, avoid the waste of monitoring resources and cost, and highlight the monitoring focus, thus achieving the double optimization of project duration and cost under the premise of guaranteeing the completion probability.
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Effect of Partial Cross Holding between Horizontal Differentiated Competitors on Probabilistic Selling Strategy
Wu Yifan, Qu Yaping, Chen Jing
2022, 34 (10):  209-221. 
Abstract ( 18 )   PDF (2487KB) ( 10 )  
Competing companies can achieve market segmentation and price discrimination through probabilistic selling strategy, thereby reducing competition and increasing sales profits. Cross holding is also popular among many companies of the same industry. Competitors can strengthen cooperation, soften competition and eliminate mistrust through cross holding. Therefore, this paper studies the probabilistic selling strategy between two oligopolistic firms that hold each other’s shares, aiming to find out the motivations behind their probabilistic selling strategy. This paper uses the Hotelling model to depict the characteristics of competing enterprises in the market and constructs a Nash static game model to study the probabilistic selling strategy of cross-holding companies in the products’ horizontally differentiated market. The results show that in the case of asymmetric cross holding, when the marginal cost is small, probabilistic selling strategy always benefits large-holding companies, but small-holding companies whose shares held by others exceed a threshold can also benefit from the probabilistic selling strategy.
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‘Following Established Rules’ or ‘Abandoning the Old for the New’: The Impact of Former CEO’s Whereabout on the Strategic Change of a SOE
Wang Kai, Wu Lidong, Xue Jiaan, Xue Kunkun
2022, 34 (10):  222-234. 
Abstract ( 26 )   PDF (1280KB) ( 19 )  
For a long time, administrative logic has played a dominant role in the operation of state-owned enterprises in China. The existing researches mostly analyze how the decision of the current CEO of a SOE affects strategic change to reveal the leading role of administrative logic, without considering the reference value that can be gained from former CEO. This paper tries to prove the administrative logic embedded in the operation of SOEs. At the same time, we also try to provide some evidence that economic logic is gradually playing a leading role in the operation of SOEs. Based on the social learning theory from the perspective of institutional logic, this paper focuses on how the new CEO decides whether to follow the strategy of the former CEO according to the former CEO’s whereabout. Using a sample consisting of A-share listed SOEs from 2005 to 2017, we find that, if the former CEO is promoted, the new CEO is more inclined to imitate the strategic decisions of the former CEO without implementing changes, but if the former CEO is demoted, the new CEO tends to avoid the behavior that led to the demotion of the former CEO and implement strategic changes to a greater extent. Meanwhile, the age of new CEO weakens the negative impact of former CEO’s promotion on strategic change. Environmental uncertainty strengthens the positive impact of former CEO’s demotion on strategic change. Further research finds that the degree of strategic change implemented by the new CEO based on the former CEO’s whereabout is conducive to the improvement of corporate performance, indicating that both administrative logic and economic logic are embedded in the operation of SOEs at the same time. In addition, the influence of the former CEO’s whereabout on strategic change is significant before the new round of SOE reform, but less significant after the reform, which is a reflection of the ongoing transition from administrative logic to economic logic.
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A Study on the Legitimation Strategy of Listed Internet Finance Enterprises in China——From the Perspectives of Organizational Imprinting and Institutional Entrepreneurship
Zhu Rong, Cao Liqing, Zhao Jiaxin
2022, 34 (10):  235-244. 
Abstract ( 20 )   PDF (1268KB) ( 10 )  
Innovation is the foundation of enterprises’ survival, and innovations accepted by theh market has become a driving force for sustainable development. Form the theoretical perspectives of organizational imprinting and institutional entrepreneurship, this paper analyzes the factors affecting the legitimation strategy of Chinese listed Internet finance enterprises, explores the relationship between legitimation strategic choice and performance. We collect business data and conduct a content analysis of authoritative media reports of 111 Chinese listed Internet finance enterprises from 2014 to 2017, and test all the hypotheses by multiple regression analysis of panel data. The findings show that industry experience has a significant positive impact on legitimation strategy and corporate performance; legitimation strategies, i.e., the conformance strategy and manipulation strategy, play a partial mediating role; and legal environment negatively moderates the relationship between industry experience and performance, and between conformance strategy and performance. By integrating organizational imprinting, legitimation strategy and organizational performance, this paper not only extends the research on organizational legitimacy as the core issue of institutional theory, but also emphasizes the significance of historical consciousness in exploring organizational change. Besides, this paper provides theoretical guidance for the practice of Internet finance in China.
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Logistics and Supply Chain Management
Research on CSR Investment Model and Coordination Strategy of Dual-channel Recycling Closed-loop Supply Chain
Liu Shan, Chen Dongyan, Yao Fengmin
2022, 34 (10):  245-257. 
Abstract ( 18 )   PDF (1382KB) ( 9 )  
From the perspective of supply chain members considering investing in corporate social responsibility (CSR), this paper constructs six closed-loop supply chain ( CLSC) decision models under concentration mode and decentralization mode respectively and in three scenarios: no CSR investment, CSR investment by manufacturers and CSR investment by retailers; the influence of CSR investment and recycling competition of supply chain members on equilibrium strategy and profits under different decision models are analyzed; then taking the CSR investment by manufacturers as an example, the feasibility of various coordination strategies is discussed. The research findings are as follow. Firstly, the retail price and market demand of new products, the recycling rate of waste products and the profits of CLSC members and the whole system are positively correlated with CSR investment and negatively correlated with the degree of recycling competition. Secondly, economic efficiency and sustainable development benefit more from retailers’ CSR investment than from manufacturers’ CSR investment. Finally, a review of the relevant contracts shows that, although the price contract based on cost sharing can achieve the overall coordination of CLSC, it cannot improve the profits of manufacturers and retailers at the same time, so it cannot be implemented, and the price contract based on revenue sharing or with fixed subsidies can achieve the coordination of supply chain members and the whole system simultaneously.
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VRP of Simultaneous Pickup and Delivery Goods in Multiple Centers with Fuzzy Time Window
Deng Yirui, Zheng Yao, Jiang Mingyue, Xu Xiaofeng
2022, 34 (10):  258-269. 
Abstract ( 17 )   PDF (1652KB) ( 3 )  
The characteristics of online resources make it necessary to serve customers by using the lease mode of sharing distribution vehicles, but the resultant distribution routing becomes challenging due to multiple fuzzy time windows. In this paper, a VRP model of simultaneous pickup and delivery goods in multiple centers with fuzzy time window is constructed to minimize the distribution cost and the number of vehicles used, and maximize the service quality. By taking the service time window expected by customers, hard time window and soft time window into consideration, this model improves the linear trapezoid membership function to express customer fuzzy satisfaction, and uses the adaptive large-scale neighborhood search algorithm for solution, with a variety of group search mechanisms and nondominated sorting operations introduced to speed up the algorithm convergence and enhance the global optimization ability of algorithm. Finally, the validity and the superiority of the model and the improved algorithm are verified by solving a numerical example.
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The Production Decision of Competing Supply Chains Considering Green Degree
Chang Jianhong, Wang Jiguang, Wu Yucai
2022, 34 (10):  270-281. 
Abstract ( 20 )   PDF (1873KB) ( 12 )  
Considering two competing secondary supply chains composed of manufacturer and retailer where the manufacturers choose to produce green products or ordinary products, four decision scenarios are formed based on the competitiveness of two supply chains. This study investigates the influence of inter supply chain competition on the wholesale price, green degree and profits of the supply chain members. A double Stackelberg nested game model is constructed. The findings are as follows. Firstly, the inter supply chain competition has a negative correlation with the wholesale price. Secondly, the influence of the inter supply chain competition on green degree varies greatly in the four decision scenarios. Thirdly, producing green products is not always the dominant strategy of manufacturers. Therefore, both the competitor’s product decision and the degree of inter supply chain competition should be factored into the optimal strategy. Finally, weak inter supply chain competition is beneficial for the leader supply chain, while strong competition is beneficial for the follower supply chain.
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Research on Distribution Optimization of Prefabricated Components Based on Improved Multi-objective Fireworks Algorithm
Wang Heping, Zhao Dengyu, Chen Mengkai
2022, 34 (10):  282-290. 
Abstract ( 18 )   PDF (1550KB) ( 3 )  
The transportation of prefabricated components from the production plant to the construction site may cause high logistics cost due to transportation distance, component size and wastage. A scientific and reasonable distribution scheme can help reduce the logistics cost. Based on multi-dimensional field demands such as transportation cost, delivery efficiency and delivery time, this paper establishes a mixed fleet distribution model with transportation cost as the first target, customer satisfaction of the receiver as the second target, and average load rate of the fleet as the third target. Finally, taking the prefabricated component factory as an example, the multi-objective fireworks algorithm is improved and the model is solved by using the crossover mutation process of genetic algorithm. The results show that the model can effectively reduce the distribution cost and improve the customer satisfaction and average load rate, so the model has good practicability and feasibility.
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Public Management
Digital Endowment, Farmland Transfer Rights and Farmers’ Income and Welfare
Wu Minglang, Li Xuesong, Zhen Guangwen
2022, 34 (10):  291-303. 
Abstract ( 40 )   PDF (1456KB) ( 18 )  
When modern digital information gets integrated into traditional agricultural production, could it play the role of rural land more effectively and stimulate the continuous increase of farmers’ income? By expanding the Todaro model and combining the Theil index, this paper constructs a mathematical model of China’s urban-rural dual economic structure to make an analysis from the perspective of information asymmetry. The study finds that sufficient digital endowment and improved farmland transfer rights significantly boost farmers’ income and welfare level, which means they can absolutely increase farmers’ net income, relatively narrow the gap between urban income and rural income, and accurately enhance farmers’ salary income; In the meantime, digital endowments can improve the efficiency of agricultural land transfer and achieve a new equilibrium in dynamic games. The paper tests the above conclusions using China’s 2002-2016 provincial panel data, and the results corroborate the applicability of the conclusions. Accordingly, exploiting modern digital endowments, strengthening land rights and improving the farmland market circulation mechanism can enhance farmers’ welfare to a notable extent and increase farmers’ income continuously.
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The Influence of Urban Internet Development on Labor Mobility
Guo Dongmei, Wang Jibin, Wang Tao, Zhao Wenzhe
2022, 34 (10):  304-318. 
Abstract ( 20 )   PDF (1301KB) ( 6 )  
With the development of Internet, “Internet+” is playing an important role in the traditional employment pattern. This paper uses “the Dynamic Monitoring and Survey of National Mobile Population Health and Family Planning” data dated from 2013 to 2017 and the city-level data to study the impact of urban Internet development on labor mobility. The estimation results show that urban Internet development has significantly increased the immigration of labors, especially low-skilled labors. Meanwhile, the paper applies the instrumental variables to deal with potential endogeneity problems, and the results remain robust. We also examine the heterogeneity impact of individual background variables, and find that urban Internet development mainly affects the immigration of rural labors, and female and young labors’ decisions are more subject to Internet development than male and older laborers. The paper also analyzes the mechanisms of Internet development affecting labor mobility from three perspectives: information platform effect, spillover effect and psychological cost effect . The conclusions of this paper not only explain the migration pattern of labors in the background of “ Internet +”, but also provide some theoretical base for the formulation of urbanization policies.
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Research on Urban Spatial Elements of Residents’ Happiness Based on Social Network Analysis——Beijing as an Instance
Huo Guoqing, Zhan Shengjie, Wang Zongshui, Jiao Danxiao
2022, 34 (10):  319-327. 
Abstract ( 13 )   PDF (1811KB) ( 6 )  
Through a literature review, this paper abstracts the factors that affect residents’ happiness, including residents’ job, their children’s education, residents’ health and their daily consumption. Then from the perspective of urban planning, this paper deduces urban spatial elements from these factors, including residents’ commuting situation, children’s education conditions, health care conditions and convenience of daily consumption. A relationship network is constructed through 46 valid questionnaires. The relative importance of each element and strength of network relationship is ranked by calculating the node centrality, network agglomeration coefficient and network average density. The strength of relationship between the four urban spatial factors and the happiness of residents is calculated through the merger of similar nodes. The result shows that the correlation between residents’ happiness is related most closely to the convenience of daily consumption, less closely to residents’ commuting situation and least closely to residents’ children’ s education conditions and residents’ health care conditions.
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Case Studies
How should a Start-up Design Its Business Model under the VUCA World: Based on the Perspective of Sensemaking
Jia Junyun, Chen Hansong
2022, 34 (10):  328-340. 
Abstract ( 30 )   PDF (1793KB) ( 11 )  
The extra uncertainty brought by the VUCA era has a profound impact on the business model design of start-ups. Based on the perspective of sensemaking theory, this paper uses exploratory case study to build a theoretic model of “environment - sensemaking - business model design”, and reveals the process mechanism of how start-ups extract effective information from the changing environment to design and establish their business model. It is found that the change of environment provides important “raw materials” for the sensemaking of the business model design of start-ups. Business models are designed through four types of sensemaking paths, namely, actiondriven, issue-driven, demander-driven and belief-driven. The key factors which influences path choice are environmental change, stage of enterprise development and attention allocation of entrepreneurs.
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The Institutional Logic and Social Bricolage Behavior of Cooperatives in the Market Entry Process
Zhang Wenge, Mai Yiyuan, Ye Zhuxin
2022, 34 (10):  341-352. 
Abstract ( 20 )   PDF (1463KB) ( 12 )  
Cooperatives’s successful entry into market is of great practical significance for the realization of poverty alleviation goal. However, rural cooperatives are often faced with institutional pressure from formal markets and market resources scarcity. Then, how should they break through the double dilemma to enter the market successfully? Based on the institutional logic perspective and social bricolage theory, this study analyzes the institutional environment and resources, dominant logic and social bricolage behavior of four poverty alleviation cooperatives in the process of market entry. The findings show that in the market-entry process that consists of three periods: exploration, bricolage and embedding, cooperatives follow the institutional logic of public welfare efficiency, alliance legitimacy and relationship legitimacy, gradually acquire market legitimacy and improve value chain by social bricolage strategy (i.e., social value creation, stakeholder participation, persuasion). This study establishes an analysis framework about how cooperatives access to market by considering the situation and then committing to social bricolage, and provides theoretical guidance for cooperatives in market entry dilemma.
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